Fair Value, Assets Measured on Recurring Basis |
The Company's assets measured at estimated fair value on a recurring basis at September 30, 2021 and 2020 are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value | September 30, 2021 | Level 1 | | Level 2 | | Level 3 | | Total | Available for sale investment securities | | | | | | | | | | | | | | | | MBS: U.S. government agencies | $ | — | | | $ | 63,176 | | | $ | — | | | $ | 63,176 | | | | | | | | | | Investments in equity securities | | | | | | | | Mutual funds | 955 | | | — | | | — | | | 955 | | Total | $ | 955 | | | $ | 63,176 | | | $ | — | | | $ | 64,131 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2020 | | | | | | | | Available for sale investment securities | | | | | | | | | | | | | | | | MBS: U.S. government agencies | $ | — | | | $ | 57,907 | | | $ | — | | | $ | 57,907 | | | | | | | | | | Investments in equity securities | | | | | | | | Mutual funds | 977 | | | — | | | — | | | 977 | | Total | $ | 977 | | | $ | 57,907 | | | $ | — | | | $ | 58,884 | |
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Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis |
The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2021 (dollars in thousands): | | | | | | | | | | | | | | | | | | | Estimated Fair Value | Impaired loans: | Level 1 | | Level 2 | | Level 3 | Mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Land | $ | — | | | $ | — | | | $ | 286 | | | | | | | | | | | | | | | | | | | | Commercial business loans | — | | | — | | | 123 | | Total impaired loans | — | | | — | | | 409 | | | | | | | | Investment securities – held to maturity: | | | | | | MBS - Private label residential | — | | | 10 | | | — | | OREO and other repossessed assets | — | | | — | | | 157 | | Total | $ | — | | | $ | 10 | | | $ | 566 | |
The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | Estimated Fair Value | Impaired loans: | Level 1 | | Level 2 | | Level 3 | Mortgage loans: | | | | | | One- to four-family | $ | — | | | $ | — | | | $ | 481 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial business loans | — | | | — | | | 210 | | Total impaired loans | — | | | — | | | 691 | | | | | | | | Investment securities – held to maturity: | | | | | | MBS - Private label residential | — | | | 8 | | | — | | OREO and other repossessed assets | — | | | — | | | 1,050 | | Total | $ | — | | | $ | 8 | | | $ | 1,741 | |
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Level 3 Fair Value Measurements, Nonrecurring Basis |
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2021 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range | Impaired loans | $ | 409 | | | Market approach | | Appraised value less estimated selling costs | | NA | | | | | | | | | OREO and other repossessed assets | 157 | | | Market approach | | Lower of appraised value or listing price less estimated selling costs | | NA | | | | | | | | |
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range | Impaired loans | $ | 691 | | | Market approach | | Appraised value less estimated selling costs | | NA | | | | | | | | | OREO and other repossessed assets | 1,050 | | | Market approach | | Lower of appraised value or listing price less estimated selling costs | | NA | | | | | | | | |
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Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis |
The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2021 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using: | | Recorded Amount | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial Assets | | | | | | | | | | Cash and cash equivalents | $ | 580,196 | | | $ | 580,196 | | | $ | 580,196 | | | $ | — | | | $ | — | | CDs held for investment | 28,482 | | | 28,482 | | | 28,482 | | | — | | | — | | Investment securities | 132,278 | | | 133,286 | | | 28,670 | | | 104,616 | | | — | | Investments in equity securities | 955 | | | 955 | | | 955 | | | — | | | — | | FHLB stock | 2,103 | | | 2,103 | | | 2,103 | | | — | | | — | | Other investments | 3,000 | | | 3,000 | | | 3,000 | | | — | | | — | | Loans held for sale | 3,217 | | | 3,290 | | | 3,290 | | | — | | | — | | Loans receivable, net | 968,454 | | | 981,905 | | | — | | | — | | | 981,905 | | Accrued interest receivable | 3,745 | | | 3,745 | | | 3,745 | | | — | | | — | | | | | | | | | | | | Financial Liabilities | | | | | | | | | | Certificates of deposit | 134,129 | | | 135,178 | | | — | | | — | | | 135,178 | | | | | | | | | | | | Accrued interest payable | 134 | | | 134 | | | 134 | | | — | | | — | |
The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using: | | Recorded Amount | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial Assets | | | | | | | | | | Cash and cash equivalents | $ | 314,452 | | | $ | 314,452 | | | $ | 314,452 | | | $ | — | | | $ | — | | CDs held for investment | 65,545 | | | 65,545 | | | 65,545 | | | — | | | — | | Investment securities | 85,797 | | | 87,734 | | | — | | | 87,235 | | | 499 | | Investments in equity securities | 977 | | | 977 | | | 977 | | | — | | | — | | FHLB stock | 1,922 | | | 1,922 | | | 1,922 | | | — | | | — | | Other investments | 3,000 | | | 3,000 | | | 3,000 | | | — | | | — | | Loans held for sale | 4,509 | | | 4,664 | | | 4,664 | | | — | | | — | | Loans receivable, net | 1,013,875 | | | 1,034,876 | | | — | | | — | | | 1,034,876 | | Accrued interest receivable | 4,484 | | | 4,484 | | | 4,484 | | | — | | | — | | | | | | | | | | | | Financial Liabilities | | | | | | | | | | Certificates of deposit | 158,524 | | | 160,921 | | | — | | | — | | | 160,921 | | | | | | | | | | | | Accrued interest payable | 274 | | | 274 | | | 274 | | | — | | | — | |
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